Bought foreclosure with cash. Made it into vacation rental. Then refinanced our home with added cash buy. Now, do we review our refinancing as our rental or as our home?
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The mortgage for the re-finance was secured by your personal residence and not the rental. So any mortgage interest deductions would be reported on Form 1040 Schedule A not on the Schedule E for the rental.
The mortgage for the re-finance was secured by your personal residence and not the rental. So any mortgage interest deductions would be reported on Form 1040 Schedule A not on the Schedule E for the rental.
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